AstraZeneca PLC (LON:AZN) has waved goodbye to the last of its blockbusters – a landmark reflected in the financial performance of the drugs giant in the fourth quarter.
Cholesterol-busting Crestor is now open to cheap copycat competition. This was the principal reason behind a 15% fall in revenues for the final three months of 2016 to US$5.26bn.
Tight cost controls and the revaluation of acquisition-related liabilities meant that core operating profit and earnings per share rose 15% and 9% respectively.
The important number for the mainly income-hunting investor base was the dividend, which was bumped up to US$2.80 a share – providing a chunky yield in excess of 5%.
Chief executive Pascal Soriot said: “2017 has the potential to be a turning point for our company as we near the end of our patent-expiry period and bring new medicines to patients across the globe.
“We anticipate defining data, in particular from our outstanding pipeline of Immuno-Oncology and targeted treatments.
“This year we have the opportunity to launch several life-changing medicines for cancer, respiratory and metabolic diseases.
“It is an exciting time as we rapidly approach the inflection point for our anticipated return to long-term growth, built on the solid foundations of a science-led pipeline."